Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
A Texas Living Trust — Revocable is a legal document that allows individuals to transfer their assets and property into a trust during their lifetime, while maintaining the flexibility to modify or revoke the trust as long as they are mentally competent. By creating this trust, individuals can effectively manage their assets, avoid probate, and maintain privacy for their beneficiaries. A Texas Living Trust — Revocable is also known as a Revocable Living Trust or an Inter Vivos Trust. It is a popular estate planning tool among individuals residing in Texas, as it offers numerous benefits and advantages. One type of Texas Living Trust — Revocable is the Single Person Living Trust. This trust is designed for individuals who are not married or in a registered domestic partnership. It allows them to transfer their assets into the trust and designate beneficiaries who will receive those assets upon their passing. The second type is the Married Couple Living Trust. As the name suggests, this trust is created by married couples or registered domestic partners to manage their joint assets. It allows them to transfer their individual and joint property into the trust, ensuring a smooth transfer of assets to their chosen beneficiaries after both spouses pass away. Furthermore, there is the Joint Living Trust, which is established by two or more individuals who are not necessarily married or in a registered domestic partnership. This trust enables co-owners to combine their assets and manage them collectively. With a Joint Living Trust, the beneficiaries are typically chosen to inherit the assets upon the death of the last surviving granter. In summary, a Texas Living Trust — Revocable is a flexible estate planning tool that allows individuals and couples to transfer their assets into a trust, avoid probate, maintain privacy, and have control over their assets during their lifetime. Whether it's a Single Person Living Trust, Married Couple Living Trust, or Joint Living Trust, each type caters to specific circumstances and objectives.
